Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $45.00

Bank of America (NYSE:BAC) had its price objective cut by Oppenheimer from $46.00 to $45.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price points to a potential upside of 27.23% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. BMO Capital Markets reduced their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, HSBC reissued a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.23.

Bank of America Price Performance

BAC traded up $0.69 on Wednesday, reaching $35.37. 47,300,509 shares of the company’s stock were exchanged, compared to its average volume of 41,236,453. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s fifty day moving average price is $35.51 and its 200-day moving average price is $32.19. Bank of America has a twelve month low of $24.96 and a twelve month high of $38.35. The stock has a market cap of $279.09 billion, a PE ratio of 11.55, a P/E/G ratio of 1.64 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts expect that Bank of America will post 3.13 EPS for the current year.

Institutional Trading of Bank of America

A number of large investors have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC raised its position in Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Barclays PLC grew its stake in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Finally, Snider Financial Group grew its stake in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after acquiring an additional 14,297,496 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.